HDFC Bank Ltd.'s share price declined after the stock turned ex-bonus. With Tuesday's losses, the stock price has fallen for three sessions in a row.
The private lender has given one free bonus equity share of face value of Re 1 each for every one fully paid-up equity share held. On Tuesday, it started to trade without the benefit of the corporate action, hence it is called ex-date.
The share price of HDFC Bank will halve to reflect the 1:1 bonus issue. The record date to determine the eligibility of shareholders to receive bonus share is on Aug 27 when markets are closed on account of Ganesh Chaturthi.
HDFC Bank share price fell 1.29% to Rs 969.4 apiece. It was trading 1.10% lower at Rs 971.3 apiece as of 9:34 a.m., compared to a 0.71% decline in the NSE Nifty 50 index. The stock is the second biggest loser in the benchmark index.
The stock rose 18.43% in 12 months, and 9.78% on year-to-date basis. Total traded volume on NSE so far in the day stood at 0.38 times its 30-day average. The relative strength index was at 37.03.
Out of 49 analysts tracking the company, 47 maintain a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.4%.
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